Charlie Chaplin Coin

Open, general discussion of silent films, personalities and history.
  • Author
  • Message
Offline
User avatar

telical

  • Posts: 944
  • Joined: Fri Jun 24, 2011 10:46 pm

Charlie Chaplin Coin

PostFri Apr 07, 2017 11:19 am

Do you think it might become the new national currency?

https://bitcointalk.org/index.php?topic=1816801.0
Offline
User avatar

Donald Binks

  • Posts: 2860
  • Joined: Fri Jun 17, 2011 10:08 am
  • Location: Somewhere, over the rainbow

Re: Charlie Chaplin Coin

PostFri Apr 07, 2017 3:48 pm

telical wrote:Do you think it might become the new national currency?

https://bitcointalk.org/index.php?topic=1816801.0" target="_blank


I looked at the specs and couldn't understand a word of it? Which country is minting it?
Regards from
Donald Binks

"So, she said: "Elly, it's no use letting Lou have the sherry glasses..."She won't appreciate them,
she won't polish them..."You know what she's like." So I said:..."
Offline
User avatar

telical

  • Posts: 944
  • Joined: Fri Jun 24, 2011 10:46 pm

Re: Charlie Chaplin Coin

PostFri Apr 07, 2017 4:05 pm

The original announcement post was created by someone named Georgio. Anyone can mint it by distributing a ledger of transactions for the coins use, the debit and credit information, for which they receive a coin. It's more complicated than that but this is essentially how blockchain technology works, which is about a 20 billion dollar industry right now.

Some of these are scams so one has to watch out for this fact.
Last edited by telical on Fri Apr 07, 2017 4:10 pm, edited 1 time in total.
Offline
User avatar

Donald Binks

  • Posts: 2860
  • Joined: Fri Jun 17, 2011 10:08 am
  • Location: Somewhere, over the rainbow

Re: Charlie Chaplin Coin

PostFri Apr 07, 2017 4:08 pm

telical wrote:The original announcement post was named by someone named Georgio. Anyone can mint it by distributing a ledger of transactions for the coins use, the debit and credit information, for which they receive a coin. It's more complicated than that but this is essentially how blockchain technology works, which is about a 20 billion dollar industry right now.


blockchain technology

Que?

You've got me now! I think if I continue with this conversation it will end up like "Who's on first?" :D
Regards from
Donald Binks

"So, she said: "Elly, it's no use letting Lou have the sherry glasses..."She won't appreciate them,
she won't polish them..."You know what she's like." So I said:..."
Offline
User avatar

telical

  • Posts: 944
  • Joined: Fri Jun 24, 2011 10:46 pm

Re: Charlie Chaplin Coin

PostFri Apr 07, 2017 4:13 pm

Donald Binks wrote:
telical wrote:The original announcement post was named by someone named Georgio. Anyone can mint it by distributing a ledger of transactions for the coins use, the debit and credit information, for which they receive a coin. It's more complicated than that but this is essentially how blockchain technology works, which is about a 20 billion dollar industry right now.


blockchain technology

Que?

You've got me now! I think if I continue with this conversation it will end up like "Who's on first?" :D



It's a very accepted new type of technology that big corporations like Microsoft and Disney are behind, and may
even have some implication for the film archive network, like perhaps some kind of funding thing, and so on. There
are a lot of new film and other media related "altcoins" and new functions associated with them.
Offline
User avatar

Donald Binks

  • Posts: 2860
  • Joined: Fri Jun 17, 2011 10:08 am
  • Location: Somewhere, over the rainbow

Re: Charlie Chaplin Coin

PostFri Apr 07, 2017 4:59 pm

telical wrote:
Donald Binks wrote:
telical wrote:
It's a very accepted new type of technology that big corporations like Microsoft and Disney are behind, and may
even have some implication for the film archive network, like perhaps some kind of funding thing, and so on. There
are a lot of new film and other media related "altcoins" and new functions associated with them.


But, who mints the blighters? Where could one buy one?
Regards from
Donald Binks

"So, she said: "Elly, it's no use letting Lou have the sherry glasses..."She won't appreciate them,
she won't polish them..."You know what she's like." So I said:..."
Offline
User avatar

boblipton

  • Posts: 5263
  • Joined: Fri Jan 18, 2008 8:01 pm
  • Location: Clement Clarke Moore's Farm

Re: Charlie Chaplin Coin

PostFri Apr 07, 2017 5:33 pm

Donald Binks wrote:
It's a very accepted new type of technology that big corporations like Microsoft and Disney are behind, and may
even have some implication for the film archive network, like perhaps some kind of funding thing, and so on. There
are a lot of new film and other media related "altcoins" and new functions associated with them.

But, who mints the blighters? Where could one buy one?



They aren't minted. They're produced by some randomized online algorithm (typically called "mining") and assigned a value by the market in such things... for what they're worth. Here's a link I found which purports to tell you how to buy bitcoins. I offer no guarantee for reasons I'll go into below.

https://www.youtube.com/watch?v=SUh-NdViZmY" target="_blank" target="_blank" target="_blank" target="_blank

Once upon a time, money was made of something which was believed to have value (most notably gold) and some authority offered coins which purported to be composed of that material, minus a touch for the minter, called "sovereignage". The British pound sterling was literally a pound of sterling silver, but gradually was debased, so that pennies (originally a pennyweight or 1/240th of a pound of silver) became copper, then brass, then something else entirely. We also had bank notes,which were backed by valuta held by the banks. Gradually, the right to issue bank notes was restricted until mostly only sovereign governments could issue them. Until 1968, U.S. dollars were exchangeable for gold -- unless you were American, of course.

Since the late 1960s, all money is fiat money, worth what people are willing to pay for it, and of value only for the fact that people accept it for goods and services. and other currency. All these fiat currencies trade against each other, valued only for exchange purposes. Theoretically, if you want to purchase something in Russia, you need roubles, so they have value.

However, since money is no longer backed by anything, governments -- which, with some few exceptions like the Rockville Bank in Illinois, are the only people who can issue money -- tend to produce more and more money, which means they are worth less and less -- much more money, moderately more things to buy, numbers must balance. So some computer libertarians came up with an idea: an online, self-checking currency (called blockchain technology), which comes into existence at a low rate and gradually ceases to be produced at all. The best known of these is the bitcoin, although other, competing online currencies have come into existence.

Since, like governmental money, they are backed only by people's willingness to accept them in exchange for goods and services, I don't see any particular reason to esteem them, any more than I would Biafran 5-pound notes. They don't even exist in the form of paper money; the blockchain technology is supposed to render them secure, although a couple of years ago a major vault of bitcoins that had evolved from a Magic the Gathering card-trading site had half its bitcoin reserve stolen.

Bob
The matter is complicated, and I shall proceed to complicate it still more.

-- Avram Davidson
Offline
User avatar

Donald Binks

  • Posts: 2860
  • Joined: Fri Jun 17, 2011 10:08 am
  • Location: Somewhere, over the rainbow

Re: Charlie Chaplin Coin

PostFri Apr 07, 2017 6:25 pm

boblipton wrote:
Donald Binks wrote:
It's a very accepted new type of technology that big corporations like Microsoft and Disney are behind, and may
even have some implication for the film archive network, like perhaps some kind of funding thing, and so on. There
are a lot of new film and other media related "altcoins" and new functions associated with them.

But, who mints the blighters? Where could one buy one?



They aren't minted. They're produced by some randomized online algorithm (typically called "mining") and assigned a value by the market in such things... for what they're worth. Here's a link I found which purports to tell you how to buy bitcoins. I offer no guarantee for reasons I'll go into below.

https://www.youtube.com/watch?v=SUh-NdViZmY" target="_blank" target="_blank" target="_blank" target="_blank" target="_blank

Once upon a time, money was made of something which was believed to have value (most notably gold) and some authority offered coins which purported to be composed of that material, minus a touch for the minter, called "sovereignage". The British pound sterling was literally a pound of sterling silver, but gradually was debased, so that pennies (originally a pennyweight or 1/240th of a pound of silver) became copper, then brass, then something else entirely. We also had bank notes,which were backed by valuta held by the banks. Gradually, the right to issue bank notes was restricted until mostly only sovereign governments could issue them. Until 1968, U.S. dollars were exchangeable for gold -- unless you were American, of course.

Since the late 1960s, all money is fiat money, worth what people are willing to pay for it, and of value only for the fact that people accept it for goods and services. and other currency. All these fiat currencies trade against each other, valued only for exchange purposes. Theoretically, if you want to purchase something in Russia, you need roubles, so they have value.

However, since money is no longer backed by anything, governments -- which, with some few exceptions like the Rockville Bank in Illinois, are the only people who can issue money -- tend to produce more and more money, which means they are worth less and less -- much more money, moderately more things to buy, numbers must balance. So some computer libertarians came up with an idea: an online, self-checking currency (called blockchain technology), which comes into existence at a low rate and gradually ceases to be produced at all. The best known of these is the bitcoin, although other, competing online currencies have come into existence.

Since, like governmental money, they are backed only by people's willingness to accept them in exchange for goods and services, I don't see any particular reason to esteem them, any more than I would Biafran 5-pound notes. They don't even exist in the form of paper money; the blockchain technology is supposed to render them secure, although a couple of years ago a major vault of bitcoins that had evolved from a Magic the Gathering card-trading site had half its bitcoin reserve stolen.

Bob


Thanks Bob for enlightening me on something that a few old farts like myself have no idea about - I mean it is hard enough for us to get our hands on the regular folding stuff as it is!

I used to have US notes that were gold certificates. Interesting to know that when I was in the U.S. on trips before 1968 I could have waltzed into a bank and demanded gold!

Our money here in Oz is basically worthless. By that I mean everything has gone up so much in value over the years it is getting to be like the old Italian Lira. Our 1 and 2 cent coins went years back. Everything is rounded off to the nearest 5 cents and I fear that the 5 cent coin will be going shortly. Our paper money is no longer paper - it's plastic and you can't fold it and it slips out of the old wallet - even before some greedy shopkeeper gets his grubby hands on it. We don't have $1 and $2 banknotes any more either - the lowest now is the $5. The notes have been replaced with "gold" coins. The $2 is the same size as the old sovereign, but worth about .0000000000067 cents in actual value.
Regards from
Donald Binks

"So, she said: "Elly, it's no use letting Lou have the sherry glasses..."She won't appreciate them,
she won't polish them..."You know what she's like." So I said:..."
Offline
User avatar

boblipton

  • Posts: 5263
  • Joined: Fri Jan 18, 2008 8:01 pm
  • Location: Clement Clarke Moore's Farm

Re: Charlie Chaplin Coin

PostFri Apr 07, 2017 6:34 pm

Silver maybe. The US ceased to issue even silver certificates in 1964, although they redeemed them for a decade further.

And although the value of currency has declined, people now earn more. Warrent Buffett noted a couple of years ago that you still work the same amount of time for a bottle of Coke.

Bob
The matter is complicated, and I shall proceed to complicate it still more.

-- Avram Davidson
Offline
User avatar

Donald Binks

  • Posts: 2860
  • Joined: Fri Jun 17, 2011 10:08 am
  • Location: Somewhere, over the rainbow

Re: Charlie Chaplin Coin

PostFri Apr 07, 2017 6:43 pm

boblipton wrote:Silver maybe. The US ceased to issue even silver certificates in 1964, although they redeemed them for a decade further.

And although the value of currency has declined, people now earn more. Warrent Buffett noted a couple of years ago that you still work the same amount of time for a bottle of Coke.

Bob


One thing that bugged me fairly recently on a trip to the U.S., The bus from the airport to Downtown L.A. required one to pay on alighting, however one was required to do so with a credit card - for $9. They would not accept U.S., banknotes even though such bills had the words "legal tender" on them. Something I just could not understand?

What we ought to do with the price of everything is to move the decimal place one step to the left. :D
Regards from
Donald Binks

"So, she said: "Elly, it's no use letting Lou have the sherry glasses..."She won't appreciate them,
she won't polish them..."You know what she's like." So I said:..."
Offline
User avatar

telical

  • Posts: 944
  • Joined: Fri Jun 24, 2011 10:46 pm

Re: Charlie Chaplin Coin

PostFri Apr 07, 2017 11:13 pm

Gee, but I've been "minting" them here for five months, lol.

You don't find them by solving blocks these days unless you have a lot of hashing power, you pool mine them, someone
in the pool solves the cryptographic puzzle but everyone who tries gets a part of it.
Offline
User avatar

boblipton

  • Posts: 5263
  • Joined: Fri Jan 18, 2008 8:01 pm
  • Location: Clement Clarke Moore's Farm

Re: Charlie Chaplin Coin

PostSat Apr 08, 2017 4:23 am

Hadn't heard about pool mining, Telical, and I thought the term was "mining". As in so many things, I am behind the curve.

Bob
The matter is complicated, and I shall proceed to complicate it still more.

-- Avram Davidson
Offline
User avatar

telical

  • Posts: 944
  • Joined: Fri Jun 24, 2011 10:46 pm

Re: Charlie Chaplin Coin

PostSat Apr 08, 2017 8:49 am

boblipton wrote:Hadn't heard about pool mining, Telical, and I thought the term was "mining". As in so many things, I am behind the curve.

Bob


It was just a semantic difference, there is no formal definition of minting but the word is thrown around by miners to just add a spin of eloquence.

Return to Talking About Silents

Who is online

Users browsing this forum: Google [Bot] and 6 guests